NUPRC Nigeria: Confirms $50bn Offshore Oil Investment Target

• Nigeria is set to attract between $30 billion and $50 billion in investments for 22 major offshore oil and gas projects by 2030.
• The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved over $57 billion in field development plans since 2024.
• Global energy security concerns and geopolitical uncertainties are driving increased investment in African oil and gas, shifting buyer interest towards the continent.
• Key projects include Mozambique LNG and Nigeria's Bonga Southwest Aparo deepwater complex, with the NNPCL projecting a 100,000 bpd increase by late 2026.
• President Bola Tinubu's executive orders are actively supporting efforts to attract investors to Nigeria's energy sector.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed these ambitious targets, with its Chief Executive Officer, Oritsemeyiwa Eyesan, publicly stating the projection at the Society of Petroleum Engineers’ annual conference in Lagos on August 5.

Nigeria is poised to become a significant hub for upstream oil and gas investment, leading Africa's overall $221 billion drive in the sector. A recent report by Industrial Info Resources indicates that the nation is expected to attract between $30 billion and $50 billion in capital for 22 major offshore oil and gas projects scheduled to commence by 2030. This substantial NUPRC Nigeria $50bn offshore oil investment projection positions the country at the forefront of the continent's energy development.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed these ambitious targets, with its Chief Executive Officer, Oritsemeyiwa Eyesan, publicly stating the projection at the Society of Petroleum Engineers’ annual conference in Lagos on August 5. Eyesan highlighted the NUPRC's proactive role, noting that since 2024, the commission has already approved over $57 billion in field development plans (FDPs), many of which have progressed to final investment decisions, signaling a robust pipeline for future growth and Nigeria oil gas project approvals 2030.

Across Africa, the Industrial Info Resources report tracks more than 800 active capital projects spanning oil and gas production, pipelines, and terminals, collectively valued at over $221 billion. This broader Africa energy investment outlook underscores a continent-wide push to enhance energy infrastructure and output, with Nigeria playing a pivotal role in this expansion.

The renewed focus on African energy projects, including significant Nigerian Upstream Petroleum Regulatory Commission investment, is largely propelled by escalating global energy security concerns and persistent geopolitical uncertainties. These factors are encouraging the progression of several previously sanctioned but delayed upstream and liquefied natural gas (LNG) projects towards initial production phases.

Gordon Gorrie, Senior Vice-President of Research, Oil & Gas at Industrial Info Resources, emphasized that this investment surge extends beyond Nigeria, with other African nations also increasing their spending on production facilities, midstream infrastructure, and various energy initiatives. Gorrie anticipates that the next 12 to 18 months will be a crucial period for large-scale oil and gas developments across the continent, particularly as long-delayed upstream and LNG ventures move closer to first production. He further explained that a significant portion of this capital will be directed towards offshore oil development, alongside investments in new LNG liquefaction capacity.

The shift in international buyer interest towards African LNG, away from the uncertainties prevalent in the Middle East due to the current global risk crisis, is a key factor driving this renewed enthusiasm. Africa's overall oil and gas investment outlook for the current year stands at $41 billion, with production across the continent projected to reach 11.4 million barrels per day.

Specific projects are central to this expanding African energy landscape. In Mozambique, TotalEnergies is developing the Mozambique LNG project, a 12.9 million-tonne-per-annum facility slated for completion by 2030. Additionally, ExxonMobil aims for a final investment decision in 2026 for its 18-MTPA Rovuma LNG project, also located in Mozambique.

Within Nigeria, the Nigerian National Petroleum Company Limited (NNPCL) projects an increase of 100,000 barrels per day to the nation's production capacity by the close of 2026. This comes as Nigeria's crude production reportedly rose to 1.71 million barrels per day between April 2025 and April 2026. A critical deepwater development identified is Shell’s Bonga Southwest Aparo deepwater project, which is expected to yield 150,000 barrels of crude oil daily upon its completion.

Supporting this investment climate, President Bola Tinubu has enacted a series of Nigeria energy sector executive orders specifically designed to attract and facilitate foreign investment in the energy sector. These regulatory measures, alongside the active role of the NUPRC in approving field development plans, are instrumental in fostering an environment conducive to the projected multi-billion dollar inflows.

This signals significant opportunities for legal counsel in project finance, M&A, and regulatory compliance within Nigeria's upstream oil and gas sector, requiring close monitoring of NUPRC approvals, evolving investment frameworks, and potential new project tenders.

Source: Original reporting via The PUNCH